Retirement Plans and Estate Planning
Just about everyone has a retirement vision. You work hard all of your life, you raise your family, and you achieve your personal goals. Ultimately, you want to be able to put your working years behind you as you enjoy leisure activities, cross things off your bucket list, and enjoy quality time with your loved ones.
This is the dream for most people, and it can become a reality if you plan ahead effectively. On the other hand, if you live in the moment without any particular financial framework, you may never be able to retire.
Realize Your Goals
There are different stages of life that you must prepare for in advance from a financial perspective. Providing educational opportunities for your children as they reach college age will typically be an initial priority. During this interim, your retirement years will peer over the horizon, and there are also the twilight years that will follow.
Since Medicare does not pay for long-term care, you should brace yourself for these expenses. There are steps that you can take to preserve your wealth if you do require nursing home care at some point in time.
Your individual retirement account can certainly be of assistance during your elder years. Plus, if you never need the assets yourself, an IRA can be used for estate planning purposes. But be aware, your non-spouse beneficiary can no longer stretch your individual retirement account. Due to the passage of the SECURE Act, non-spouse beneficiaries must now withdraw all inherited IRA funds before the end of the year of the tenth anniversary of your passing.
If you set goals, create a retirement plan, and keep your eye on the prize, you can achieve your objectives and enjoy your golden years to the fullest.